Booking Policy

Booking & Refund Policy

This Booking & Refund Policy ("Refund Policy") applies to all transactions which are carried out via Matrix Forex Services Private Limited ("Matrix") by retail customers of Matrix.

1. Goods and Services Tax (“GST”) and Regulatory Compliance

Matrix shall charge applicable goods and services tax on each booking or service order as per the prevailing rates of goods and services tax.

The total foreign exchange that can be obtained/remitted during a financial year under the Liberalised Remittance Scheme as prescribed by the Reserve Bank of India ("RBI") is currently USD 250,000 (United States Dollars Two Hundred and Fifty Thousand). The User hereby undertakes and certifies that the application for release/remittance of foreign exchange through all sources, including the current service/booking order being placed by them, is within the said overall limit prescribed by the Reserve Bank of India.

The User further undertakes and certifies that the source of funds for making the said remittance belongs to him/her and the foreign exchange shall not be used for any of the prohibited purposes as laid down by the RBI in its directions and guidelines issued from time to time including under those set out under the Prevention of Money Laundering Act, 2002 ("PMLA") and the rules, directions and guidelines framed there under.

The User hereby declares that the transaction details which are mentioned in the booking/service order does not involve and is not designed for any contravention or evasion of the provisions of the Foreign Exchange Management Act, 1999 ("FEMA") or the Know Your Customer Directions, 2016 ("KYC Directions") or PMLA or the rules, notifications, directions, guidelines and orders issued there under.

2. User Representations and Warranties

The User also hereby agrees and undertakes to:

(a) Provide such information/documents as will reasonably satisfy Matrix about the genuineness of the transaction/booking order;

(b) Be responsible and liable for any consequences arising out of the provision of incorrect information by him/her;

(c) Declare that he/she shall comply with all applicable FEMA, RBI and KYC regulations, and shall not utilize the foreign exchange for any prohibited purpose, including but not limited to: lottery tickets, banned magazines, sweepstakes, callback services, overseas forex trading, margin calls to overseas exchanges, domestic or overseas foreign exchange market trading, or any other activity proscribed by RBI/FEMA from time to time.

Foreign Exchange Usage Duration

The User further agrees and confirms that the foreign exchange released for the purpose specified in the booking/service order shall be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days, the same shall be surrendered to Matrix or any other authorised person in accordance with applicable FEMA regulations.

3. Exchange Losses and Transaction Cancellation

In the event the transaction is cancelled or revoked by the User after submitting the booking/service, any exchange losses incurred in this connection shall be recovered by Matrix from the refund amount due to the User.

For clarity, exchange losses shall include: (i) any unfavourable movement in the currency rate from the time of booking to cancellation; (ii) any fees charged by intermediary banks or correspondent banks; and (iii) any regulatory fees or charges levied by RBI or banking authorities.

4. Cancellation Charges and Fee Structure

User-Initiated Cancellations

The User hereby agrees and acknowledges that in case of cancellations of any booking/service on the User's request or non-compliance with these Terms, the User shall be liable to pay a cancellation charge of:

(a) An amount equal to 1.5% of the transaction amount plus applicable taxes; OR
(b) Rs. 900 plus applicable taxes

Whichever is higher.

The User hereby acknowledges that Matrix reserves the right to revise the amount of cancellation charges applicable to such transactions, from time to time, with five business days' prior notice to the User where commercially reasonable, owing to the quantum of cancellation charges actually borne by it being variable. Such changes/revisions in the cancellation charge may be updated on the Website/Portal on a real-time basis, and notification of such changes shall be made available to registered Users via email and/or website notification.

Tiered Cancellation Windows and Reduced Charges

Cancellations submitted within 24 hours of booking confirmation: Cancellation charge reduced to 0.75% of transaction amount plus applicable taxes (minimum Rs. 450);
Cancellations submitted after 24 hours but within two business days: Standard cancellation charge of 1.5% or Rs. 900, whichever is higher;
Cancellations submitted after two business days: Standard cancellation charge of 1.5% or Rs. 900, whichever is higher.

5. Post-Remittance Liability and Intermediary Bank Charges

The User hereby agrees and confirms that once the funds remitted by him/her have been transmitted by Matrix (through an Authorised Dealer Category - I Bank) to the correspondent and/or beneficiary banks, Matrix shall not be responsible for:

(a) Any delays in the disbursement of such funds, including the withholding of such funds by the correspondent and/or beneficiary bank;

(b) Intermediary bank charges that may be levied by the correspondent and/or beneficiary banks, which may vary from bank to bank and shall be borne by the User or deducted from the amount received by the beneficiary;

User Liability for Beneficiary Bank Charges and Exchange Losses

In the event the transaction is rejected by the beneficiary bank because of incorrect information submitted by the User and any charges are levied by the beneficiary bank or exchange losses are incurred by Matrix in this connection, the User shall be liable to pay the same to Matrix.

Verification and Confirmation Procedures

Before remittance of funds, Matrix shall send an order confirmation to the User within 24 business hours from the submission of such booking or service order. The User is required to verify all transaction details in the confirmation email, including beneficiary bank details, currency, amount, and purpose of remittance.

The service requested under the booking or service order submitted by the User shall be completed by Matrix during business hours within two business days from the date of sending an order confirmation to the User.

The User acknowledges receipt of the order confirmation as their affirmation that all transaction details are correct and accurate. Any objections or corrections must be submitted to Matrix within 24 hours of receiving the confirmation, failing which Matrix may proceed with the remittance.

6. Rejection and Cancellation of Bookings by Matrix

The User hereby agrees and acknowledges that Matrix may reject/cancel the booking or service order submitted by the User for any reason as it may deem fit, including but not limited to the following:

(a) KYC Non-Compliance: If the User fails to provide valid KYC documents required for foreign exchange transactions as per the rules prescribed by the Reserve Bank of India;

(b) Compliance and Sanctions Verification: If the User refuses to provide the declarations / give such information, as may be required by Matrix to satisfy itself that the transaction requested under such booking or service order does not involve and is not designed for any contravention or evasion of the provisions of the FEMA, PMLA, the rules, notifications, directions, guidelines and orders issued there under, or any economic sanctions regime administered by the Government of India or international authorities;

(c) Banking Partner Refusal: Refusal by the Authorised Dealer Category - I banks to undertake the requested telegraphic transfer or overseas remittance services;

(d) Currency Unavailability: If the currency(ies) requested are not available with Matrix at the time of order confirmation;

(e) Force Majeure Event: On the occurrence of any Force Majeure Event.

Definition of Force Majeure Event

For the purpose of these Terms, Force Majeure Event shall mean the occurrence of any event or a condition beyond the control of the Parties, including but not limited to:

Any act of God, epidemic, pandemic, lockout, war, riots, fire, flood, hurricane, typhoon, earthquake, lightning, explosion
Strikes, prolonged shortage of resources, failure of public utilities or common carriers
Act of war (whether declared or undeclared), invasion, armed conflict or act of a foreign enemy
Civil commotion, terrorism or the imminent threat of such acts
Government or regulatory action affecting foreign exchange transactions
Cyberattacks or system failures beyond the control of the Parties

In the event of a Force Majeure Event, Matrix shall notify affected Users within 48 hours and shall use reasonable efforts to resume services. Matrix shall not be liable for any losses, delays, or damages arising from Force Majeure Events.

7. Service Delivery and Timing Commitments

Order Confirmation Timeline

Matrix shall send an order confirmation to the User within 24 business hours from the submission of such booking or service order, containing:

Complete transaction details (Beneficiary Bank, Amount, Currency, Purpose)
Exchange rate applied and total INR equivalent
Applicable fees and charges
Expected delivery timeline
Instructions for next steps (if any)

Service Completion Timeline

The service requested under the booking or service order submitted by the User shall be completed by Matrix during business hours within two business days from the date of sending an order confirmation to the User.

No Cancellations Post-Confirmation

No cancellations shall be allowed for any booking or service order after the issue of an order confirmation from Matrix, except in cases of demonstrable error by Matrix or upon written agreement of both parties. Any cancellation requests received post-confirmation shall be processed in accordance with Section 4 (Cancellation Charges) of this Policy.

Service Level Commitments

All order confirmations shall be sent within 24 business hours
Remittance shall be initiated within two business days of confirmation
Customer service response to queries within 48 business hours
Dispute resolution response within 72 hours of complaint escalation

8. Physical Forex and Currency Notes

Verification and Quality Assurance

At the time of sale or purchase of foreign currency, the User shall ensure and verify the currency notes. Matrix, its branches and authorised representatives shall not be responsible for any such notes being found counterfeit, soiled, marked or outdated subsequently.

The User is responsible for inspecting currency notes at the time of receipt. If any notes are found to be counterfeit, defective, or otherwise unsuitable, the User must notify Matrix within 24 hours of receipt, with supporting documentation, for appropriate remediation.

Denomination Requests

The User hereby agrees and acknowledges that while the authorised representatives of Matrix shall endeavour to consider any denomination requests made by the User, it may be possible that the denominations of notes so requested may not be available at a given point in time, and therefore, the User may not receive the denominations of their choice.

Best Effort Denomination Fulfilment

Matrix shall maintain a reasonable inventory of standard denominations and shall use best efforts to fulfil denomination preferences, where operationally feasible. In cases where requested denominations are unavailable, Matrix shall proactively offer alternative denominations to the User within 24 hours and shall obtain written acceptance before processing the transaction.

9. Service Delivery Areas and Restrictions

Authorised Service Areas

Deliveries shall be made only to the areas specified on the Website/Portal. We reserve the right to add, remove, or change the service areas and display the same on the Website/Portal.

Service Area Modification Notice

Matrix shall provide seven business days' advance notice via email and website notification prior to removing any currently serviced area, to allow Users to plan accordingly.

10. Offers, Schemes and Promotional Coupons

Offers/Schemes provided by/on the Website/Portal are exclusively for the Users of the Website/Portal, and are applicable only under specific circumstances as may be elucidated and elaborated upon during the operation of the relevant and concerned scheme and may or may not be applicable to some commodities or services listed on the Website/Portal.

All offers are applicable within the validity stated under the offer details. Coupon or discount codes may become invalid with or without prior information about the same, and no specific notice may be served upon the User under any circumstance for any such expiry.

11. Third Party Products and Service Provider Limitations

The User hereby further agrees and acknowledges that Matrix shall not be liable for any of the following events:

(a) Fraudulent Transactions – Third Party Products

Fraudulent transactions occurring after the sale and delivery of third-party products to the User, viz., prepaid forex card, telegraphic transfers or any other products that may be available in future. Such transactions may be on account of any fraudulent process, not limited to instances of:

Password being compromised
Card cloning or fraud
Unauthorised use
Phishing or social engineering attacks
PIN compromise

The User is solely responsible for safeguarding PINs, passwords, and security credentials, and for monitoring card and account activity on a regular basis (at least monthly as recommended below).

Card Usage Monitoring and Dispute Notification

Users are encouraged to:

Monitor card balance and transaction history at least once a month
Register the card on the issuer's website/mobile app to enable transaction alerts and real-time notifications
Report any unauthorised transactions or suspected fraud within 2 days of discovering the transaction
Maintain records of receipts and transaction confirmations

(b) Third-Party Service Provider Failures

Failure on the part of a third-party service provider used by the parties hereto, for instance, the issuer of the prepaid forex card, including but not limited to:

Failure of the third-party server or systems
Additional charges at an overseas ATM
Card rejection at POS (Point of Sale)
ATM authentication failure
PIN not working
Delay in card funding beyond the predefined turnaround time
Any dispute, discrepancy or chargebacks on any transaction made using the forex card
Service interruptions or downtimes

Matrix acts as an aggregator/distributor for third-party products and is not the principal issuer. All disputes related to card issuance, card activation, transaction processing, or card functionality shall be escalated to the issuing bank as applicable.

(c) Banking and Financial Institution Disputes

In any and all instances of service deficiency by the bank underwriting a transaction, disputes, malpractice, illegal trade practices, the User shall contact the issuing bank or financial institution directly, as such bank or financial institution would be responsible for the transaction to be disputed.

Matrix shall provide reasonable cooperation in escalating disputes to the relevant financial institution, but shall not be liable for delays or outcomes of such disputes.

12. Reservation of Rights and Dispute Resolution

Matrix Right to Reject Orders

Matrix reserves the right to reject/cancel the booking or service order for any reason as it may deem fit, in its sole discretion.

Finality of Matrix's Decision

In case of any dispute in relation to the Services available on the Website/Portal or booking or service order, the decision of Matrix will be final and binding.

Escalation and Review Mechanism

While Matrix's initial decision shall be binding, Users may request a written review of the decision within 5 business days of notification, by submitting supporting documentation and a written explanation to the Grievance Redressal Team. Such a review shall be completed within 7 business days, and the decision shall be communicated in writing.

13. Refund Policy

13.1 Refund Process and Timelines

In case of any cancellation of the booking or service order, all amounts paid by the User for such orders shall be credited to the bank account of such User within 8 business days from the date of cancellation of such order.

Provided that for orders cancelled on the User's request or non-compliance with these Terms, the amount paid by the User shall be refunded/credited only after deduction of applicable cancellation charges (as set forth in Section 4).

13.2 Refund Method and Account Restrictions

Refund Account Requirement

All refunds shall be processed through Matrix to the bank account or payment instrument (linked to a bank account) which was used to remit payment against the purchase of foreign exchange and to no other bank account or means of payment.

The User confirms that the account from which payment was made belongs to the User or is under the User's authorised control. Refunds shall be made in Indian Rupees (INR) only, at the currency exchange rate prevalent on the date of refund processing (i.e., the date the refund instruction is initiated by Matrix to the bank).

Exchange Rate Application and Unsettled Transaction Procedures

If there are any unsettled or pending transactions related to the forex card or transaction order, the User shall wait a minimum of 10 days from the date of the last transaction before the refund is processed. This waiting period ensures all transactions have fully cleared, preventing chargebacks or transaction reversals that would necessitate recovery from the User.

The exchange rate applied for refund shall be the prevailing Market Rate on the date of refund processing. The User acknowledges that exchange rates are volatile and subject to daily market fluctuations. Matrix shall apply the rate prevailing at the time of refund initiation.

13.3 Refund Restrictions and Conditions

No Refund for Partial Utilisations

Refunds are not available for partially utilised forex cards or partially consumed forex amounts where the User has already accessed or spent a portion of the foreign exchange. In such cases, the User may request a reload or transfer of remaining balance to a new card, subject to FEMA compliance.

14. Third Party Products and Card Services

Yes Bank Prepaid Forex Card – Service Terms

For Users availing prepaid forex cards issued by Yes Bank Limited (or other issuing bank), the following terms shall apply:

(a) Card Activation and Issuance: Cards shall be activated within 24 business hours of purchase or as advised by the Purchase Location;

(b) Card Validity: Card validity shall be as specified in the Welcome Kit and on the card face itself;

ATM Withdrawal: Rs. 20
Balance Inquiry Fee: Rs. 10
Card Reissuance Fee: Rs. 250

(d) Prohibited Use: The card cannot be used for:

Purchase of lottery tickets, banned magazines, or proscribed materials
Sweepstakes or gambling transactions
Callback services
Remittance in any form towards overseas forex trading
Margin calls to overseas exchanges
Trading in foreign exchange in domestic or overseas markets
Any transaction prohibited under FEMA or RBI guidelines

(e) Transaction Monitoring and Alerts: Users are encouraged to register their card on the Yes Bank portal or mobile app to enable:

Real-time transaction alerts
Balance inquiry
PIN change and generation
Transaction history review
Dispute/query raising capabilities

Card Usage Guidance and Best Practices

PIN Security: Never share your PIN with anyone, including Yes Bank staff or Matrix representatives
Card Security: Keep the card in a safe place and protect it from damage, theft or misuse
Overseas Usage: Ensure sufficient balance before using the card at merchants or ATMs
DCC Avoidance: If offered "Dynamic Currency Conversion" (DCC) at merchants or ATMs, decline and use the card currency (original loaded currency) to avoid unnecessary charges
Dispute Resolution: In case of unauthorised transactions or errors, notify Card Services within 2 days of discovering the transaction

15. Currency Conversion and Cross-Currency Transactions

Multi-Currency Card Conversion Framework

For users with multi-currency prepaid cards, the following currency selection and conversion rules apply:

(a) Currency Priority Order: When multiple currencies are loaded on the card, transactions shall be processed in the following currency priority order unless the User proactively selects otherwise: USD → EUR → AED → AUD → GBP → CAD → SAR → SGD → JPY → THB → CHF → ZAR → NZD → HKD

(b) Partial Transaction Restrictions: Partial transactions across different currency wallets are not permitted. If the User does not have sufficient balance in a single currency wallet to process the entire transaction, the transaction shall be declined, even if the collective balance across all currencies is sufficient.

(c) Cross-Currency Conversion Fees: If a transaction is requested in a currency not loaded on the card, or if the loaded currency wallet has insufficient balance, the issuer shall apply a cross-currency conversion fee as specified by the issuing bank:

Cross Conversion Fee: Typically 3-4% of the transaction value (as per issuer's current rate card)

(d) Exchange Rate Application: The exchange rate applied for cross-currency conversion shall be the prevailing rate determined by the card network (Mastercard/Visa) on the day the transaction is processed, plus the applicable conversion fee.

16. Usage Restrictions and Regulatory Compliance

FEMA and Geographical Restrictions

Due to FEMA Regulations, prepaid forex cards and remittance services cannot be used:

(a) At ATMs or merchants in India, Nepal, or Bhutan;

(b) For internet purchases where the website is registered in India, Nepal, or Bhutan;

(d) In countries subject to economic sanctions, including (but not limited to):

Afghanistan, Belarus, Bosnia and Herzegovina, Burundi, Central African Republic, Côte d'Ivoire, Cuba, Democratic People's Republic of Korea (DPRK/North Korea), Democratic Republic of Congo, Ethiopia, Guyana, Iran, Iraq, Lao PDR, Lebanon, Liberia, Libya, Mali, Myanmar, Nicaragua, Pakistan, Somalia, South Sudan, Sudan, Syria, Tunisia, Uganda, Vanuatu, Venezuela, Yemen, Zimbabwe

The list of sanctioned countries is subject to change from time to time as per the Government of India directives and international sanctions regimes.

17. Grievance Redressal and Escalation

First Level Grievance Handling

Any grievances that are raised by the customer shall be dealt with by Matrix as required under applicable law, including the Reserve Bank of India Regulations and the Banking Ombudsman Scheme, 2006.

Escalation and Timeline

Any grievances which remain unresolved at the first instance may be escalated to Matrix Grievance Escalation Committee/Designated Nodal Officer, which shall be addressed within 72 hours of such a complaint being presented to Matrix (or as mandated by RBI regulations, whichever is more stringent).

Banking Ombudsman Coverage and Consumer Protection

Customers of Matrix and issuing banks (such as Yes Bank Limited) are covered under the RBI Banking Ombudsman Scheme, 2006. If a grievance remains unresolved at the bank/Matrix level after 30 days, or if the customer is dissatisfied with the resolution provided, the customer may escalate the complaint to the Banking Ombudsman of the respective city/jurisdiction.

Contact details of the Banking Ombudsman are available on the RBI website: https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=164

18. Jurisdiction and Governing Law

Exclusive Jurisdiction

Any disputes arising between the customer and Matrix shall be subject to the exclusive jurisdiction of the courts of New Delhi, India. The parties agree to submit to the jurisdiction of the courts located in New Delhi for any legal proceedings arising out of or in connection with this Policy or any transaction undertaken pursuant hereto.

Governing Law

This Policy shall be governed by and construed in accordance with the laws of India, including but not limited to:

The Foreign Exchange Management Act, 1999
The Prevention of Money Laundering Act, 2002
The Know Your Customer Directions, 2016
Reserve Bank of India Guidelines and Circulars
The Banking Regulation Act, 1949
Applicable Goods and Service Tax Laws

19. Effective Date and Amendment

Effective Date

This Booking & Refund Policy is effective from 1st August, 2024 and supersedes all previous booking and refund policies issued by Matrix Forex Services Private Limited.

Amendment and Modification

Matrix reserves the right to amend, modify, or supplement this Policy from time to time, at its sole discretion. Where commercially reasonable and in compliance with applicable law, Matrix shall provide Users with 5-7 business days' advance notice of material changes via email and website notification.

Continued use of Matrix's services after notification of changes shall constitute acceptance of the amended terms.

20. Contact Information

For Customer Service, Queries, and Grievances:

Email: onlineforex@matrix.in

Telephone: +91 9560807781

Website: http://www.matrixforex.in

Portal: www.matrixforex.in

For Specific Product Queries

Grievance Contact: archna.singh@matrix.in

Telephone: +91 9560202789

Website: www.matrixforex.in

ACKNOWLEDGEMENT AND ACCEPTANCE

By submitting a booking or service order through Matrix, the User acknowledges and agrees to be bound by this entire Booking & Refund Policy and all terms and conditions contained herein. The User confirms that they have read, understood, and accept all provisions of this Policy and shall be responsible for compliance with all applicable regulations and the accuracy of information provided.

Date of Policy Update: 1st August, 2024

Version: 1.1

END OF POLICY